News that Bloom Energy has fallen well short of its hiring and salary goals is not surprising, but it should serve as a sobering reminder to state officials: when you're betting with taxpayers' money, be careful of how much you risk.

State officials gave the fuel cell manufacturer $12 million, and the company promised to create jobs that paid $108 million in salaries. It has doled out only about 60 percent of that, so the company has paid back $1.5 million as part of a clawback guarantee with the state.

Bloom could end up returning as much as $6.9 million, depending on the number of jobs it creates in the future.

If only the direct incentives are considered, the Bloom deal is a disappointment, not an outrage. Yet that was only a small part of the package: Delaware electric ratepayers also have forked over about $166 million in monthly "Bloom surcharges" on their utility bills, and will continue paying through at least 2033.

When the surcharge was created in 2012, it was 65 cents. Now it is expected to be $5.83 in November.

Many utility customers are justifiably irate.

We have repeatedly argued that taxpayers shouldn't be forced to cough up cash for companies to create jobs. But the hard reality is that state leaders have to compete, and that naturally entails some risk with taxpayer money.

Former Gov. Jack Markell thought Bloom would not only create jobs, but would make Delaware a player in a new cutting-edge renewable energy source. It was a similar story with the collapse of the Fisker Automotive deal — not only did Markell see a chance to restore jobs at the shuttered General Motors plant, he envisioned a Delaware that would be home to the next generation of electric cars.

Far be it from us to condemn bold vision in state leaders. We encourage it.

But most taxpayer dollars should be channeled into workforce development, regulatory reform, and tax policies — not trying to pick winners with taxpayer cash.

We have to be realistic that our small state can seldom afford to make game-changing wagers for companies when competing with bigger, richer states.

Much as financial advisers urge diversified stock portfolios, with many investments across multiple sectors, Delaware ought to be spreading its incentive dollars more broadly. That still entails risk, but it would avoid big boondoggles like Bloom.

Gov. John Carney has publicly agreed with this approach. We hope he will be able to resist the allure of betting big.

Delaware needs to know its limits — and limit its risk.

The News Journal's editorial opinions are decided by its editorial board, which is separate from the news staff.